Here is why Katapult Holdings Inc. (KPLT) stock plummeted on Wednesday?

Katapult Holdings Inc. (KPLT) shares declined 15.30% in after-hours on Wednesday, December 01, 2021, and closed the daily trading at $3.10. Even in the regular trading session, KPLT’s stock lost 6.87%. KPLT shares have fallen 63.62% over the last 12 months, and they have moved down 5.43% in the past week. Over the past three months, the stock has lost 24.85%, while over the past six months, it has plummeted 73.03%.

Let’s see is there any reason behind its recent negative performance?

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KPLT update on gross originations

On December 01, 2021, Katapult Holdings, Inc. (KPLT), provided an interim update on its quarter-to-date Gross Originations. The Company booked Gross Originations from October 1, 2021, through November 30, 2021, of $40.4 million compared to Gross Originations of $41.7 million in the same period of 2020 and $26.1 million in 2019.

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KPLT participation in the recent conference

Katapult Holdings, Inc. (KPLT) recently participated in the Stephens Annual Investment Conference, which was held on December 01, 2021. The company was presented by Chief Executive Officer, Orlando Zayas and Chief Financial Officer, Karissa Cupito in a fireside chat during the event.

KPLT latest financial results

On November 09, 2021, Katapult Holdings, Inc. (KPLT), released its financial results for the third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • KPLT total revenue was $71.7 million in Q3 2021 compared to $71.19 million in Q3 2020.
  • The total cost of revenue was $53.35 million in Q3 2021 compared to $46.95 million in Q3 2020.
  • Total operating expenses were $20.98 million compared to $10.68 million in the third quarter of 2020.
  • It earned a net income of $13.7 million in Q3 2021 compared to a net income of $9.8 million in Q3 2020.
  • Adjusted EBITDA was $0.1 million, compared to $14.23 million in Q3 2020.

KPLT collaboration with Adobe

On October 11, 2021, Katapult (KPLT) announced it has become an Accelerate partner in the Adobe Exchange Program.

Katapult and Adobe will engage in enhanced collaboration, deepening the relationship between the parties. Becoming an Accelerate partner means that Katapult’s merchants utilizing Adobe Commerce or Magento Open Source will receive prioritized support and access to real-time data and partner offerings.

KPLT integration with Salesforce Commerce Cloud

On Sept. 30, 2021, KPLT launched its eCommerce point-of-sale (POS) lease-purchase solution through integration with Salesforce Commerce Cloud, a fast path to unified commerce.

The retailers will achieve incremental growth via a new customer segment. The recent integration will result in quick funding so retailers can spend their energy focused on attracting new customers and growing, while consumers get an enhanced checkout experience.

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Katapult stock plummeted on Wednesday after the company reported low numbers of gross originations, which will affect its Q4 and FY 2022 financial targets. It can further decline in the coming trading sessions.

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